Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

The Bill refers to "the classes of investments the credit union may invest in;". We are now suggesting "the classes of investments including, where appropriate, any investment project of a public nature may invest in;". I believe that is wide enough to allow for the point made by Senator D'Arcy.

However, it is predicated on regulations that would follow from the Central Banks. Rather than being too prescriptive in the primary legislation, it makes more sense that this function be given to the Central Bank for the purpose of setting out the rules through which this could occur. The Government was mindful, as outlined in the debate that occurred in the other House and the one that occurred here, that there may well be very useful public projects either through limited companies or public utility companies that could form the basis of investment strategies for the credit unions in future. The purpose of amendment No. 33 is to attempt to meet Members' concerns.